Tim Leigh’s Weekend Market Report
Hoff & Leigh, Inc.
Leasing; Sales; Management; Buyer or Tenant Representation
4445 Northpark Drive, Suite 200
Colorado Springs, CO 80907
April 4, 2009
Attached is our complete listing of all properties for sale in Colorado Springs, based on property type - office, industrial and condo. This is the most complete listing that we are aware of. It’s our goal to provide this information, updated weekly. We develop these lists by basic research and cross-checking data points from the PPCIE, local broker's individual web sites, The Turner Book and any other public information domain we can find.
You are receiving this information because, at some point, you asked or a friend referred your name to be included in our e-mail Insider’s List. If you no longer wish to receive this information, send an e-mail reply to me (tim@hoffleigh.com) and ask to be removed. Alternatively, if you know someone who could benefit from the receipt of this information, forward this e-mail to them, and suggest they contact us, so we can consider adding them to our exclusive list.
All Market Average Office Building Sale Price PSF = $112.85 (UP from $112.37 last week.)
We are currently tracking 115 office buildings for sale.
This is 1,217,467 square feet, which represents a total market value of $137,394,900.
All Market Average Industrial Building Sale Price PSF = $77.71 (UP from $75.81 last week.)
We are currently tracking 97 industrial buildings for sale.
This is 1,389,142 square feet, which represents a total market value of $107,943,606.
Tim’s Market Notes:
As I predicted, this weekend’s spring blizzard was much-ado about nothing. I told Lise the city would be spared; because the winds were down sloping. And yes, it’s cold outside this morning and while I’m not planning to golf, the winds are warming. And by North Dakota standards we’re doing OK. They got 10 inches with strong wind last week; that on top of their record flooding. When FEMA told them to evacuate, Fargo said no. There’s something about cold & snow. It teaches you to resist temptation & it keeps the riff-raff away; and their wind’s warming.
And it seems like the cold wind that’s been blowing across the market's starting to warm, too; like the warm Chinook of spring. L. Reamue, the 1929 President of the National Association of Real Estate Boards was quoted, “In my own business, I expect a better year in 1930 than in 1929. If I don’t have it, I’ll blame myself and not conditions. Business is there for those who will go-out and get it.” And that’s as it should be. “Go-out and get it.” That’s the nature of small business. There’s always somebody doing something. Small businesses eat what they kill; and there’s always a rabbit running; and there’s always a sharpshooter not paying attention to the economy; and all cold winds warm-up eventually.
And, we’re doing OK. Last week, we went under contract on the Jeannine Drive property; we went under contract on the Parkmoor property and it looks like we’ll be under contract on the newly listed, East Uintah Street property next week. We’re seeing a lot of rabbits; our sharpshooters are making kills and the wind is warming up.
And, we’re doing OK. We’d be doing more-OK if we could collect our receivables. That’s the same story I hear from many of my professional-practice & small business friends. Unlike our Uncle in Washington, we’re living within our means & paying our bills. I’m sorry to report that our Uncle’s still drunk; and, he’s managed to squander the inheritance. According to March’s US Treasury Report, he’s “another day older and deeper in debt” – to the tune of $11.1 Trillion dollars. His number’s so large, it’s unfathomable. Hey Buddy, can you spare a dime?
And, while I was heading to another appointment, I took an emergency cell-phone call from Mr. Paint Store Guy & his neighbor, Mr. Window Sales Store Guy. “We have to meet right away!” They’re typical, small retail store owners. The former, obviously a Keynesian, has been running with an anticipated operational loss for the past 12 months. (His Uncle and he share Alma matters.) When I asked him how he was doing, he replied, “OK; I’ve been losing money every month since I opened.” Are you shitting me? What kind of business model’s that? Anybody got a gun? Quick, put him out of his misery. Maybe he expects to make-it-up with volume. He went on to explain, “I expect to lose less this month & should actually draw a salary soon.” Damn; really. Mr. Window Guy lost his cushion in the market crash. He’s living is a spec-home he built and can’t sell for any price and is prepared to move-into his 5th wheel until he can get on his feet. He's an Austrian. Damn again.
Their call was a cry for help. They were looking for a private stimulus package. They wanted free rent so they could make-it over the hump ostensibly caused by winter winds. They’re looking for a bail-out at the building owner’s expense. What the hell? Who’s their Mama? As a sign of the times, I recommended the building owner do whatever was needed and keep them running. And they got their stimulus. And the wind began to warm.
And while it looks like the wind’s warming and the market’s turning and all the rabbit hunters are oiling their guns, I’ve got a sinking feeling we’re unwittingly heading down the Road to Perdition. When I read that the Fed increased the monetary base, (that’s an accumulation of bank’s demand deposits held with the Fed, plus coins & notes in circulation), from $871 Billion (last August) to over $1,735 Billion in January, I get nervous that there’s something wrong that nobody’s telling us. That increase is unprecedented. The Fed doubled the monetary base in less than 5 months! The drunk’s still drunk. Think of the relative you don’t like. You know the one; pot-belly; sloppy; yellow-brown teeth, bad breath, BO; your Mom made you hug him as a child at Thanksgiving.
Furthermore, the banking system’s excess reserves, (their base money less their required savings), rose from nearly $2 Billion to $798 Billion over the same time. Eventually, because of self-interest, banks will put those excess reserves to work. And when they do, “Katie bar the door & Homer, fill the sandbags!” Mr. Market’s going to be flooded like the Red River floods Fargo! High inflation is a river running to us.
Now, I know, many thinkers say that increasing the money supply won’t cause inflation because the increase only affects inter-bank markets by creating liquidity between them; they say increasing the supply of money doesn’t affect individuals. However, there’s a contradictory school of thinkers who say inflation is the direct result of increasing the supply of money. They teach that value’s a relative concept and “money is a good” like any other and it’s subject to the law of diminishing marginal utility. Whew! That’s a mouthful. (Here’s an easy way to think about this - the more money there is in circulation, the more of it there is, the less valuable it is). Who you going to believe?
Graham Towers, the former Governor of the Bank of Canada said, “Each and every time a bank makes a loan, new bank credit’s created; new bank credit creates brand-new money.” And John Kenneth Galbraith said, “The process by which banks create money is so simple that the mind is repelled.” I’m thinking that the Fed’s creating new bank credit and when it’s released into the stream, new money.
Understanding basic economics and being able to make reasonable predictions based on empirical data allows you to make wise decisions. Rising inflation produces increasing interest rates and increasing hard-asset prices; gold & real estate come to mind. I don’t know, but if I were an unscrupulous drunk with bad breath & BO, and I knew I had a cool $11.1 Trillion dollars to repay, I’d be tempted to concoct a plan to pay it with the least real cost possible - say with inflated (less valuable) dollars. Hmmm. And since I can’t control macro cycles, I’d be looking for local opportunities based on the magic mantra – “The trend is my friend.” Hmmm.
Want to know more? Contact me at Tim@HoffLeigh.com
Here’s what we do:
Property Leasing; sales; property management; Buyer or Tenant Representation.
How can we help you today? Call us. We’re honest & trustworthy and doggone it, people like us.
Concierge Services:
We offer property management & maintenance concierge services. We have vendors for most property needs. It’s like having a full-time property manager at a fraction of the cost. If you’d like to know more about this service; how you can become involved; how you become a “recommended vendor” call me: 719-630-2277.
Focus on Charity
We’re committed to being active community partners. We endorse & support the following charities & non-profit organizations. In spite of challenging financial times, we hope you’ll remember the financial needs of your favorite charity or non-profit. If you don’t have one, these guys could use your help. They add significant value to our community & quality of life.
The Salvation Army: Feeding 52,000 people every year.
The Red Cross: They provide emergency assistance at every disaster in the Pikes Peak region
The Boy Scouts: Assisting 10,000 kids in the Pikes Peak Region, they nurture young men into responsible adults.
The United Way: Everybody’s partner in funding non-profits.
Chamber of Commerce: The business community’s voice in local politics.
Economic Development Committee: Helping the city grow jobs and employment.
Want to know more? Contact me at Tim@HoffLeigh.com
Have a profitable week!
Sincerely,
TJL
Tim Leigh
719-337-9551
Tim@HoffLeigh.com
To view our Office Matrix List please click below
http://hoffleigh.com/OfficeInsider.aspx
To view our Industrial Matrix List please click below
http://hoffleigh.com/IndustrialInsider.aspx
Hoff & Leigh, Inc.
Leasing; Sales; Management; Buyer or Tenant Representation
4445 Northpark Drive, Suite 200
Colorado Springs, CO 80907
April 4, 2009
Attached is our complete listing of all properties for sale in Colorado Springs, based on property type - office, industrial and condo. This is the most complete listing that we are aware of. It’s our goal to provide this information, updated weekly. We develop these lists by basic research and cross-checking data points from the PPCIE, local broker's individual web sites, The Turner Book and any other public information domain we can find.
You are receiving this information because, at some point, you asked or a friend referred your name to be included in our e-mail Insider’s List. If you no longer wish to receive this information, send an e-mail reply to me (tim@hoffleigh.com) and ask to be removed. Alternatively, if you know someone who could benefit from the receipt of this information, forward this e-mail to them, and suggest they contact us, so we can consider adding them to our exclusive list.
All Market Average Office Building Sale Price PSF = $112.85 (UP from $112.37 last week.)
We are currently tracking 115 office buildings for sale.
This is 1,217,467 square feet, which represents a total market value of $137,394,900.
All Market Average Industrial Building Sale Price PSF = $77.71 (UP from $75.81 last week.)
We are currently tracking 97 industrial buildings for sale.
This is 1,389,142 square feet, which represents a total market value of $107,943,606.
Tim’s Market Notes:
As I predicted, this weekend’s spring blizzard was much-ado about nothing. I told Lise the city would be spared; because the winds were down sloping. And yes, it’s cold outside this morning and while I’m not planning to golf, the winds are warming. And by North Dakota standards we’re doing OK. They got 10 inches with strong wind last week; that on top of their record flooding. When FEMA told them to evacuate, Fargo said no. There’s something about cold & snow. It teaches you to resist temptation & it keeps the riff-raff away; and their wind’s warming.
And it seems like the cold wind that’s been blowing across the market's starting to warm, too; like the warm Chinook of spring. L. Reamue, the 1929 President of the National Association of Real Estate Boards was quoted, “In my own business, I expect a better year in 1930 than in 1929. If I don’t have it, I’ll blame myself and not conditions. Business is there for those who will go-out and get it.” And that’s as it should be. “Go-out and get it.” That’s the nature of small business. There’s always somebody doing something. Small businesses eat what they kill; and there’s always a rabbit running; and there’s always a sharpshooter not paying attention to the economy; and all cold winds warm-up eventually.
And, we’re doing OK. Last week, we went under contract on the Jeannine Drive property; we went under contract on the Parkmoor property and it looks like we’ll be under contract on the newly listed, East Uintah Street property next week. We’re seeing a lot of rabbits; our sharpshooters are making kills and the wind is warming up.
And, we’re doing OK. We’d be doing more-OK if we could collect our receivables. That’s the same story I hear from many of my professional-practice & small business friends. Unlike our Uncle in Washington, we’re living within our means & paying our bills. I’m sorry to report that our Uncle’s still drunk; and, he’s managed to squander the inheritance. According to March’s US Treasury Report, he’s “another day older and deeper in debt” – to the tune of $11.1 Trillion dollars. His number’s so large, it’s unfathomable. Hey Buddy, can you spare a dime?
And, while I was heading to another appointment, I took an emergency cell-phone call from Mr. Paint Store Guy & his neighbor, Mr. Window Sales Store Guy. “We have to meet right away!” They’re typical, small retail store owners. The former, obviously a Keynesian, has been running with an anticipated operational loss for the past 12 months. (His Uncle and he share Alma matters.) When I asked him how he was doing, he replied, “OK; I’ve been losing money every month since I opened.” Are you shitting me? What kind of business model’s that? Anybody got a gun? Quick, put him out of his misery. Maybe he expects to make-it-up with volume. He went on to explain, “I expect to lose less this month & should actually draw a salary soon.” Damn; really. Mr. Window Guy lost his cushion in the market crash. He’s living is a spec-home he built and can’t sell for any price and is prepared to move-into his 5th wheel until he can get on his feet. He's an Austrian. Damn again.
Their call was a cry for help. They were looking for a private stimulus package. They wanted free rent so they could make-it over the hump ostensibly caused by winter winds. They’re looking for a bail-out at the building owner’s expense. What the hell? Who’s their Mama? As a sign of the times, I recommended the building owner do whatever was needed and keep them running. And they got their stimulus. And the wind began to warm.
And while it looks like the wind’s warming and the market’s turning and all the rabbit hunters are oiling their guns, I’ve got a sinking feeling we’re unwittingly heading down the Road to Perdition. When I read that the Fed increased the monetary base, (that’s an accumulation of bank’s demand deposits held with the Fed, plus coins & notes in circulation), from $871 Billion (last August) to over $1,735 Billion in January, I get nervous that there’s something wrong that nobody’s telling us. That increase is unprecedented. The Fed doubled the monetary base in less than 5 months! The drunk’s still drunk. Think of the relative you don’t like. You know the one; pot-belly; sloppy; yellow-brown teeth, bad breath, BO; your Mom made you hug him as a child at Thanksgiving.
Furthermore, the banking system’s excess reserves, (their base money less their required savings), rose from nearly $2 Billion to $798 Billion over the same time. Eventually, because of self-interest, banks will put those excess reserves to work. And when they do, “Katie bar the door & Homer, fill the sandbags!” Mr. Market’s going to be flooded like the Red River floods Fargo! High inflation is a river running to us.
Now, I know, many thinkers say that increasing the money supply won’t cause inflation because the increase only affects inter-bank markets by creating liquidity between them; they say increasing the supply of money doesn’t affect individuals. However, there’s a contradictory school of thinkers who say inflation is the direct result of increasing the supply of money. They teach that value’s a relative concept and “money is a good” like any other and it’s subject to the law of diminishing marginal utility. Whew! That’s a mouthful. (Here’s an easy way to think about this - the more money there is in circulation, the more of it there is, the less valuable it is). Who you going to believe?
Graham Towers, the former Governor of the Bank of Canada said, “Each and every time a bank makes a loan, new bank credit’s created; new bank credit creates brand-new money.” And John Kenneth Galbraith said, “The process by which banks create money is so simple that the mind is repelled.” I’m thinking that the Fed’s creating new bank credit and when it’s released into the stream, new money.
Understanding basic economics and being able to make reasonable predictions based on empirical data allows you to make wise decisions. Rising inflation produces increasing interest rates and increasing hard-asset prices; gold & real estate come to mind. I don’t know, but if I were an unscrupulous drunk with bad breath & BO, and I knew I had a cool $11.1 Trillion dollars to repay, I’d be tempted to concoct a plan to pay it with the least real cost possible - say with inflated (less valuable) dollars. Hmmm. And since I can’t control macro cycles, I’d be looking for local opportunities based on the magic mantra – “The trend is my friend.” Hmmm.
Want to know more? Contact me at Tim@HoffLeigh.com
Here’s what we do:
Property Leasing; sales; property management; Buyer or Tenant Representation.
How can we help you today? Call us. We’re honest & trustworthy and doggone it, people like us.
Concierge Services:
We offer property management & maintenance concierge services. We have vendors for most property needs. It’s like having a full-time property manager at a fraction of the cost. If you’d like to know more about this service; how you can become involved; how you become a “recommended vendor” call me: 719-630-2277.
Focus on Charity
We’re committed to being active community partners. We endorse & support the following charities & non-profit organizations. In spite of challenging financial times, we hope you’ll remember the financial needs of your favorite charity or non-profit. If you don’t have one, these guys could use your help. They add significant value to our community & quality of life.
The Salvation Army: Feeding 52,000 people every year.
The Red Cross: They provide emergency assistance at every disaster in the Pikes Peak region
The Boy Scouts: Assisting 10,000 kids in the Pikes Peak Region, they nurture young men into responsible adults.
The United Way: Everybody’s partner in funding non-profits.
Chamber of Commerce: The business community’s voice in local politics.
Economic Development Committee: Helping the city grow jobs and employment.
Want to know more? Contact me at Tim@HoffLeigh.com
Have a profitable week!
Sincerely,
TJL
Tim Leigh
719-337-9551
Tim@HoffLeigh.com
To view our Office Matrix List please click below
http://hoffleigh.com/OfficeInsider.aspx
To view our Industrial Matrix List please click below
http://hoffleigh.com/IndustrialInsider.aspx
